CIMB Group and CIMB Niaga announce Mutual Separation Scheme in Malaysia and Indonesia
Kuala Lumpur: Kuala Lumpur: CIMB Group Holdings Berhad and PT CIMB Niaga Tbk today announced that they have offered employees in Malaysia and Indonesia a Mutual Separation Scheme (“MSS”). The MSS, which is purely voluntary, was put in place after looking at current operating cost structures and desired efficiency levels across the franchise.
Tengku Dato’ Zafrul Aziz Tengku Aziz, Group Chief Executive, CIMB Group said, “This exercise is fully voluntary and is aimed at enhancing our efficiency levels across the board. This is consistent with ROE and cost-to-income plans we have outlined for the future. Some of our employees from Malaysia and Indonesia have also enquired about these types of schemes, so this MSS is also a response to them.”
The MSS exercise has also received the backing of the Board of Commissioners (BoC) and Board of Directors (BoD) of CIMB Niaga. To that extent, Zafrul added, “The BoC and BoD of CIMB Niaga have also decided to adopt the MSS and offer it to our staff in Indonesia as this is consistent with the operating strategies of CIMB Niaga. This exercise in Indonesia is also timely given no such programme had been offered to staff since the Bank Niaga and Lippo Bank merger seven years ago.”
The MSS is offered strictly on a voluntary basis and all applications are expected to be submitted by 29 May 2015. Employees who have successfully applied for the MSS will receive packages based on rank and years of service, as well as options for extended medical cover for three years, and participation in re-skilling and outplacement programmes.